Which of the following provides a tool by which you can measure overall price changes paid by representative individuals living in urban households?
(a) The GDP Deflator ( NGDP/RGDP 100, expressed as a percentage )
(b) The Producer Price Index
(c) The Consumer Price Index
(d) The Housing Price Index
d
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In the mid-1970s, changes in oil prices greatly affected U.S. inflation. When oil prices rose, the U.S. would experience ________.
A. cost-push inflation and falling output B. demand-pull inflation and falling output C. cost-push inflation and rising output D. demand-pull inflation and rising output
The three major sources of economic profit are
A. risk-bearing, innovation, and exercise of monopoly power. B. risk-bearing, rent seeking, and discounting. C. innovation, invention, and speculation. D. exercise of market power, marginalization, and speculation.
Models must
A) be able to yield useable predictions. B) be totally realistic in every detail. C) be a complete reproduction of the real world. D) include every relationship that exists.
In a "game," strategies are
A) the reactions of firms to the changes in the economy. B) the laws regulating the industry. C) the plans made by the participants. D) the potential returns the participants may get.